DDM Analysis: 4739.T

Valuation Snapshot

Stable Growth	$10,228.28 - $31,931.87	$29,924.84
Multi-Stage	$4,329.98 - $4,735.43	$4,529.00
Blended Fair Value	$17,226.92
Current Price	$4,313.00
Upside	299.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	16.32%	13.28%	90.52	67.52	62.05	53.49	47.77	42.51	37.52	31.89	28.66	28.32
YoY Growth	-	-	34.07%	8.82%	15.98%	11.99%	12.37%	13.30%	17.64%	11.29%	1.19%	8.83%
Dividend Yield	-	-	2.49%	2.03%	1.80%	1.32%	1.69%	2.22%	1.91%	2.90%	1.88%	2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37,107.00
(-) Cash Dividends Paid (M)	18,749.00
(=) Cash Retained (M)	18,358.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,421.40	4,638.38	2,783.03
Cash Retained (M)	18,358.00	18,358.00	18,358.00
(-) Cash Required (M)	-7,421.40	-4,638.38	-2,783.03
(=) Excess Retained (M)	10,936.60	13,719.63	15,574.98
(/) Shares Outstanding (M)	231.11	231.11	231.11
(=) Excess Retained per Share	47.32	59.37	67.39
LTM Dividend per Share	81.13	81.13	81.13
(+) Excess Retained per Share	47.32	59.37	67.39
(=) Adjusted Dividend	128.45	140.49	148.52
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,228.28	$29,924.84	$31,931.87
Upside / Downside	137.15%	593.83%	640.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37,107.00	39,518.96	42,087.69	44,823.39	47,736.91	50,839.81	52,365.00
Payout Ratio	50.53%	58.42%	66.32%	74.21%	82.11%	90.00%	92.50%
Projected Dividends (M)	18,749.00	23,087.56	27,910.92	33,263.77	39,194.56	45,755.83	48,437.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	21,409.59	21,612.53	21,815.46
Year 2 PV (M)	24,001.30	24,458.46	24,919.93
Year 3 PV (M)	26,525.43	27,286.88	28,062.77
Year 4 PV (M)	28,983.26	30,097.87	31,244.33
Year 5 PV (M)	31,376.04	32,891.51	34,464.99
PV of Terminal Value (M)	868,388.72	910,332.22	953,880.99
Equity Value (M)	1,000,684.34	1,046,679.47	1,094,388.47
Shares Outstanding (M)	231.11	231.11	231.11
Fair Value	$4,329.98	$4,529.00	$4,735.43
Upside / Downside	0.39%	5.01%	9.79%

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ITOCHU Techno-Solutions Corporation (4739.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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